24 October 2006

Quotable Value releases new valuations for Wellington

Quotable Value has released its new property valuations for the capital.

The valuations are an important component in Wellington City Council’s process of setting rates for the 2007/08 financial year.

The average house price has risen 9.6 percent to $488,000, with the corresponding section value increasing 10.4 percent to $229,000.

Quotable Value Regional Manager David Nagel says despite the increased average valuation, plenty of residential properties are valued well below that figure.

Mr Nagel says valuation increases have been spread throughout all sectors of the city and all property types.

“The past 12 months has seen a general softening of the national residential market. Wellington, however, has still experienced a period of considerable growth throughout late 2005 and early 2006, mainly due to a strong local economy.”

Mr Nagel says ownership of flats and apartments has increased by 8.2 percent, with the average value now $350,000, while the average flat and apartment land value is worth $134,000, an increase of 9.5 percent on 2005 levels. “Commercial and industrial properties have also shown steady growth, with most developed properties having increased between 10 and 15 percent on 2005 levels. Pastoral and lifestyle properties have generally shown similar increases in value.”

The revaluation figures show that the total capital value of the 70,684 properties within the city is now $42.45 billion, with the land value of those properties now $19.6 billion.

Copies of the latest valuations will be mailed to every Wellington property owner/ratepayer from 2 November, showing the value of properties as at 1 September 2006. Owners can see the new values at the Council Service Centre at 101 Wakefield Street.

The new valuations will be available through the Council’s website later this year.

If an owner does not agree with their valuation, they have until 8 December 2006 to send objections to Quotable Value. Objection forms are available from the Council Service Centre, 101 Wakefield Street, or from Quotable Value.

ENDS

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